Though being hailed as a vital "first step", the failure of the member states to come to an agreement on any sanctions for those blacklisted provoked the European commissioner for economic and financial affairs, Pierre Moscovici, to openly admit it was as yet "an insufficient response".

"Blacklisted jurisdictions must face consequences in the form of dissuasive sanctions, while those that have made commitments must follow up on them quickly and credibly".

"There must be no naivety: promises must be turned into actions".

Several other jurisdictions, including the Bahamas, Antigua and Barbuda and the British Virgin Islands failed to comply to the standards set by the European Union as well, but got a temporary pass because they were hit hard by hurricanes this year and might not now have the infrastructure to deal with the problems.

The blacklisted countries are accused of behaving like tax havens.

The bloc did not assess its own member states.

This year's YouTube Rewind video is quite the rideThe man in the mask sings "Until We Will Become Dust", which starts out as a ballad and eventually breaks into a rap. As of this year, YouTube is the most popular streaming service in the world, with over 1 billion users worldwide .

A further 47 jurisdictions were also included in a grey list.

"There's still a number of countries which entered into commitments as regard to good tax governance and we will be following up [on] those commitments", European Commission Vice President Valdis Dombrovskis told reporters in Brussels on Tuesday ahead of the meeting.

The EU proposed new rules past year that would force multinational companies that operate in the bloc to reveal details about their operations in tax havens and summarize how much tax they pay in countries around the world.

"Tax havens will not disappear from our radars and we will keep the pressure on", he said.

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